DDA for World Jewelry Center approved

The World Jewelry Center just bypassed another major hurdle. Earlier this week, the Las Vegas city council approved a disposition and development agreement (DDA) for the center in Union Park. The tower will include over 800,000 square feet of for sale office space, 98 residential luxury condominiums and 225,000 square feet of retail space and structured parking.  The current pricing is approximately $800 per square foot and the developer has LOIs for about a third of the office space. The tower is a designated Foreign Trade Zone, which will hold enormous appeal for the major jewelry industry companies due to the significant savings that it will offer. It wil allow companies to import raw goods without paying duties, add value and export them without paying duties, or sell them inside the US and pay a reduced duty rate. The potential savings are astronomical and it could make Las Vegas become the western jewelry hub of the US.

The top 10 floors of the towers will house the residential penthouse type condominiums. They will be some of the most luxurious Las Vegas high rise condos available. Owners will have their own elevator bank and private lobby. According to the developer, the residential units will cost about double per square foot of the commercial space.

This is great news for owners of Newport, Verge, Soho and Streamline Tower high rise units. Its not unreasonable to foresee property values going up with such a high profile neighbor.  Union Park is a green project. In addition to the Premium Outlet Mall and World Market, the list of projects  in Union Park includes the Smith Center for the Performing Arts, Lou Ruvo Brain Institute, the Access Medical-Kimpton Hotel projects and the Charlie Palmer Hotel. 

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